Cardano Price Eyes $1.30 Surge with Bullish Cup & Handle

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Cardano Price Eyes $1.30 Surge with Bullish Cup & Handle

Highlights

  • Cardano price has seen a slight surge to $0.9756, surging by 7%.
  • ADA price forms a Cup & Handle, signaling a potential bullish continuation.
  • ETF speculation could boost market liquidity and ADA’s investor appeal.

Cardano price is navigating a bull market trend despite ongoing consolidation within a bullish pattern. Notably, ADA has experienced significant movements amidst a modest market upturn, where bulls are attempting a rally. Meanwhile, Bitcoin maintains a position above $104,000 after its recent recovery. Cardano’s price is poised for a potential rise to $1.30, signaled by a promising Cup & Handle formation.

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Cardano Price Targets $1.30 as Bullish Cup & Handle Forms

Cardano price analysis suggests a significant bullish pattern, and the “Cup and Handle” is nearly complete. This pattern, supported by a vital trend line and key zone, indicates a potential upward breakout. Currently, Cardano is in a re-accumulation phase, poised to breach a major resistance level.

Expectations are set for the price to hit $1.30 first, followed by a climb to $1.7961 if momentum continues. Traders are watching this price movement closely, hoping for a breakout to confirm the bullish forecast.

Cardano Price Eyes $1.30 Surge with Bullish Cup & Handle
Source: X
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ETF Speculations Could Propel ADA’s Growth

Cardano price may see increased market dynamics due to upcoming financial products. Tuttle Capital has proposed leveraged ETFs that target ten different cryptocurrencies, including ADA. 

These ETFs could enhance market liquidity and present heightened opportunities for institutional and retail investors if regulatory approval is granted. 

These financial instruments promise higher risks and rewards by allowing investors to capitalize on ADA’s market fluctuations. This development positions ADA as a potential magnet for increased trading activity, appealing to those seeking amplified exposure in the cryptocurrency space.

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Will ADA Price Surpass $1 Soon?

The latest ADA price trades at $0.9756, showing a slight surge of 7% in the past few hours. Cardano’s current price movement reflects a consolidation phase within a defined range. The resistance at $1.10 remains formidable, with the support level anchored at $0.90.

The Relative Strength Index (RSI) stands at 55, indicating a slight bullish momentum but still away from overbought territory.  The Chaikin Money Flow (CMF) displays a positive value of 0.19, hinting at growing buying pressure. 

Cardano price prediction eyes the critical $1.10 resistance level as a pivotal point. A successful breakout above this threshold could propel ADA toward the next psychological target of $1.30. Conversely, failure to maintain current support at $0.90 may trigger a retest of lower levels, intensifying bearish sentiment.

Cardano Price Eyes $1.30 Surge with Bullish Cup & Handle
Cardano Price Chart: TradingView

Cardano’s price outlook remains optimistic as it consolidates within a bullish pattern. The Cup & Handle formation signals potential upward momentum. A breakout above $1.10 could drive ADA toward $1.30 and beyond.

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Frequently Asked Questions (FAQs)

1. What price level is crucial for ADA’s breakout?

A breakout above $1.10 could push ADA toward $1.30 and beyond.

2. How does the Cup & Handle pattern impact ADA’s price?

It indicates a potential bullish breakout if resistance is breached.

3. What role do ETFs play in ADA’s market growth?

Proposed ETFs could boost liquidity and attract institutional investors.
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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.